The middle of the market in Brisbane is what’s now driving growth in property values as 2020 kicks off, according to the latest Home Values Index out Thursday.
The Index saw Brisbane log a 0.7 per cent change in home value in December, to end 2019 with an annual rise in dwelling values of 0.3 per cent.
The median value for the greater Brisbane region ended the year at $497,491, spurred by a big jump of 2.4 per cent in the December quarter.
CoreLogic head of research Tim Lawless said it was “a year of two distinct halves” for housing values.
In Brisbane, he said, “it’s the middle of the market recording the strongest growth conditions”.
Homes around the middle of the market rose 0.7 per cent in value, he said, compared with a 0.1 per cent rise across the lower quarter of the market and steady conditions across the upper quarter.
Mr Lawless said capital city dwelling values fell by 3.8 per cent over the first six months of 2019 and then rebounded by 7 per cent in the second half of the year nationally.
“The housing value rebound was spurred on by lower mortgage rates, a relaxation in borrower serviceability assessments, improved housing affordability and renewed certainty around property taxation policies post the federal election,” he said.
“Lower advertised stock levels persisted providing additional upwards pressure on prices amidst rising buyer activity.”
Brisbane was now sitting below the national median dwelling value, which hit $537,506 after an 1.1 per cent jump in December. Nationally the calendar year ended with an annual rise of 2.3 per cent.
Originally published by Sophie Foster in The Courier Mail HERE.